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June 1, 2017

Military Homeownership Assistance Program 
Funding Now Available
The Iowa Finance Authority (IFA) is pleased to announce that Former Governor Branstad signed the budget bill that included $2 million for the Military Homeownership Assistance (MHOA) Program for fiscal year 2017-2018. 

Previously, we notified our partners that funding for the current year was exhausted and new grant submissions would be wait listed until new funding is appropriated. 

Effective Immediately:  
  • Wait Listed - Not Closed:
    If the wait listed applicant loan has not closed, MHOA down payment assistance commitments can now be issued for eligible loans in process.

    Upon receipt of a MHOA DPA Commitment letter, lenders may resume inclusion of the grant on the Closing Disclosure and fund approved grants at closing. Please contact your designated IFA Team Specialist, Megan HayJosh McRoberts or Adrienne Williams to determine if a DPA Commitment can be issued.
     
  • Wait Listed - Closed:
    For closed loans, eligible wait list applicants that have had their file reviewed prior to closing as well as a complete post-close package reviewed by IFA staff, will receive the credit in the form of a principal reduction.
     
  • New Reservations:
    We will resume our normal reservation, commitment and reimbursement process for new grant reservations made after 6-2-17.
If you have any questions regarding a pending or approved Military Homeownership Assistance Program grant, please contact your designated IFA Team Specialist.

Thank you for your continued partnership in supporting affordable homeownership in Iowa.
 
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